Kansas Supreme Court hands foreclosure defense advocates major victory in...
On August 28, 2009 the Kansas Supreme Court handed foreclosure advocates a major victory in the case Landmark National Bank v. Kesler. The decision appears to be a fairly wonkish and dryly academic...
View ArticleIRS Answers Some Questions on The 2007 Mortgage Forgiveness Debt Relief Act...
After letting the world flounder for a year on what the Mortgage Forgiveness Debt Relief Act actually means, and how it intends to help taxpayers wade through the issues, the IRS has finally issued...
View ArticleMortgage Modifications and Bankruptcy: Can You Still Modify a Mortgage After...
A question I am asked with increasing frequency is what happens to a mortgage modification negotiation when the borrower files bankruptcy. Of course we all know by now that the answer is that “it...
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Quitclaim Deeds, Mortgages and Bankruptcy
I frequently hear from clients and prospective clients telling me that they have “rearranged” their financial affairs through the use of so-called “quitclaim deeds” or other contractual mechanisms by...
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IRS Form 1099-A, 1099-C and the Cancellation of Debt in Foreclosure
Okay, so misinformation and confusion about the tax implications of foreclosure arising from the cancellation of debt seems to be piling up. In particular, folks seem most confused by the receipt of...
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California anti-deficiency rules and statutes: When can a mortgage lender in...
In a couple of other places in this blog I have discussed various components of California’s mortgage anti-deficiency laws. (See California Mortgage Deficiencies: What is a Purchase Money Security...
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The California State Legislature is Seeking to Extend the Already Generous...
The New York Times recently reported on a movement by the California State Legislature to amend California Code of Civil Procedure (“CCP”) §580b. (See “Battles in California over Mortgages.”) For...
View ArticleCan you keep your house in bankruptcy?
Well, you know by now that the answer is: It depends. If you file Chapter 7, and either are current or get current with your mortgage(s), then you can most likely keep your home. (Assuming you don’t...
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Georgia jury sends $21 million message to sloppy mortgage loan servicer
On March 21, 2011, a Columbus, Georgia jury sent a very loud message to loan servicers in the form of a $21 million verdict and punitive damage award against PHH Mortgage, an affiliate of Coldwell...
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Lien Stripping in bankruptcy? Huh?
I rarely advocate That clients file Chapter 13′s because they take too long and keep them under the thumb of the bankruptcy court for (usually) five years. So when does it make sense? It makes sense...
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